California mortgage loan options Every loan, in plain English

Every loan type is the right answer for somebody. Here's who each one is for, what it costs and what to watch out for.

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Pick a loan to learn about

Conventional Loans

Flexible purchase and refinance options. Compare mortgage insurance, cash to close and long-term cost.

Read about Conventional Loans

FHA Loans

Government-insured financing. Compare credit requirements and the cost of mortgage insurance.

Read about FHA Loans

VA Loans

For eligible veterans, service members and qualifying surviving spouses. Start with entitlement and property requirements.

Read about VA Loans

USDA Loans

A rural housing option in eligible areas, reviewed carefully for property location, income limits, and program fit.

Read about USDA Loans

Jumbo Loans

For loans above the county conforming limit. Rules vary by lender, so shopping matters.

Read about Jumbo Loans

Refinance

Change your rate or term, and see whether it pays for itself.

Read about Refinance

Cash-Out Refinance

Replace your loan with a bigger one and take cash out, after payoff and closing costs.

Read about Cash-Out Refinance

Closed-End Second Mortgages

A lump sum alongside your current mortgage, so a low first-mortgage rate can stay put.

Read about Closed-End Second Mortgages

Self-Employed Borrowers

Business owners: how lenders read your tax returns, and why it pays to start early.

Read about Self-Employed Borrowers

California Investment Property Mortgages

Rentals and second homes: down payment, reserves and how lenders count rent.

Read about California Investment Property Mortgages

California ARM Loans

A starting rate that can change later. Useful for some plans, risky for others.

Read about California ARM Loans

California 15-Year Fixed Mortgages

Bigger required payment, faster payoff and less full-term interest than a longer loan at the same rate.

See rate, APR, payment and down-payment example

California 30-Year Fixed Mortgages

A longer fixed-rate term, a more manageable required payment and room to pay extra.

See rate, APR, payment and down-payment example

Five loan types at a glance

Conventional

Good for: Documented-income borrowers comparing primary homes, second homes or investment properties, and buyers weighing conventional PMI against government-loan fees.
Watch for: Pricing, PMI, loan limits, condo rules, reserves, and self-employed income treatment can change the outcome.
We'd compare: Fannie Mae vs Freddie Mac approvals (they can differ), PMI options, seller credits and loan size.

FHA

Good for: Buyers whose credit or down payment makes FHA worth comparing, with a property that meets FHA requirements.
Watch for: Upfront and annual MIP, how long it lasts, property condition and cash left after closing.
We'd compare: The same buyer and home with FHA MIP versus conventional PMI, including cash to close and long-term cost.

VA

Good for: Eligible veterans, service members and surviving spouses, especially with little cash for a down payment.
Watch for: Eligibility, entitlement, funding fee or exemption, occupancy, residual income, and VA property requirements.
We'd compare: Funding fee treatment, residual income, offer presentation, VA vs. conventional payment, and entitlement position.

USDA

Good for: May fit eligible primary-residence buyers in USDA-eligible rural or certain suburban areas who meet household income limits.
Watch for: The address has to qualify, household income has limits, and USDA review adds a step to plan for.
We'd compare: USDA against FHA and conventional using payment, fees, cash to close, timing, and eligibility certainty.

Jumbo

Good for: Purchases or refinances above the applicable county conforming limit.
Watch for: Every lender has its own rules, especially for savings in reserve and income documents.
We'd compare: Jumbo lenders, reserve requirements, ARM or fixed options, and whether a high-balance loan fits.

Compare the official sources in our loan guides. Down payment, mortgage insurance and approval requirements depend on the program and your file.

Which one fits you?

It depends on your credit, income, savings, the property and how long you'll keep it. We'll compare the real options and explain the trade-offs.

Want us to run your numbers?

Tell us what you're trying to do. We'll price it with several lenders and show you the trade-offs.

Rates, terms, and eligibility depend on credit profile, income, property, loan program, occupancy, market conditions, and underwriting approval.

Get my options Call or text 800-266-8663